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		<h2>6 Things You Need to Know:</h2>
		
		<b>1. Your Price Range</b><br />
		Mortgage lenders have rules that set the maximum amount they will lend you for a house. The amount is based primarily on your income,
		 your debts and your credit score. 
		 
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		In general, the mortgage amount is determined by first calculating the monthly payment, which includes <a href="" onClick="androidShowDefinition()">Principal</a>, <a href="" onClick="androidShowDefinition()">Interest</a>, <a href="" onClick="androidShowDefinition()">Taxes</a>, 
		<a href="" onClick="androidShowDefinition()">Insurance </a>
		and fees. The monthly payment usually cannot be more than 28% of your gross monthly income. If you have debts, like a car payment, credit card
		 bills, student loans or child support, the mortgage payment and the other payments combined should not be more than 36% of your gross monthly income.
		
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		Use the Affordability Calculator to get a rough idea of your price range.
		
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		<b>2. Your Down Payment Amount </b><br />
		Most mortgage lenders require a down payment of 10% to 20% of the purchase price of the home. So, if you buy a house for $200,000 and put down 
		20%, you will need $40,000 at settlement, as well as the other closing costs.
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		If your down payment is less than 20%, you will generally be required to pay for private mortgage insurance (known as PMI.) This protects the
		 mortgage lender in case you default on the loan. The PMI is added to your monthly payment.
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		<b>3. About FHA Mortgages</b><br />
		The Federal Housing Administration (FHA) has a program that backs mortgages from approved lenders. This allows the lenders to offer you a 
		mortgage with a down payment as low as 3.5%. 
		
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		The FHA mortgage program is very popular, and about half of first time home buyers use it. Besides the low 3.5% down payment, these mortgages
		 have a low interest rate, and allow approval with higher debt-to-income ratios and lower credit scores.
		 
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		Find an FHA approved lender in your area by going <a href="http://www.hud.gov/ll/code/llslcrit.html">here</a>
		
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		<b>4. Your Credit Report</b><br />
		You can check your credit reports once a year for free by going to  <a href="http://www.annualcreditreport.com">Annual Credit Report</a>. There you can get reports
		 from all three credit reporting agencies, Equifax, Experian, and TransUnion. Review the details. If something is incorrect,
		  you can request that it be changed. With a higher credit score you can qualify for a lower interest rate and a higher loan amount.
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		<b>5. Get Pre-qualified or Pre-approved</b><br />
		Speak with a mortgage lender and find out exactly how much you’ll be able to borrow and how much you’ll need for a 
		down payment and closing costs. You will need this information before making an offer on a house.
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		<b>6. Save Up, Starting Now!</b><br />
		You’ll need to have enough money for your down payment, closing costs, moving expenses, utility hook-ups and other new home expenses.
		 The best thing that you can do now is to reduce your current expenses to the bare minimum, and save, save, save! It may be tough at first,
		  but later you’ll be glad you did! This app can help you get there. It’s time to reach your dream!
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